The UK attracted $54bn (£35bn) worth of foreign investments in 2001, less than half the $116bn it received in 2000, while the US saw an even bigger drop from $301bn to just $124bn.

However, the UK climbed up from fourth place to second place on the global charts as it was less severely affected by the overall world investment slump, with cross-border deals across the globe tumbling almost 60% as economic conditions toughened.

In climbing to second place, the UK rose above Belgium and Germany. This news is likely to put to rest any doubts about the UK being able to attract investment while remaining outside the eurozone.